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Massachusetts mortgage calculator

The median home in Massachusetts runs about $610,000. With 20% down that's a loan near $488,000 — the calculator is pre-filled with that figure. Massachusetts limits annual property tax levy growth to 2.5% under Proposition 2½, but high home values in the Greater Boston market still produce large bills, and homes sell fast.

$3,168.40 / month

Total interest
$652,627
Total paid
$1,140,627
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$122k$244k$366k$488k0612182430Year

How it works

A full Massachusetts payment is more than principal and interest. At the state's 1.14% effective property tax rate, a $610,000 home owes about $6,954 a year in tax, and homeowners insurance averages roughly $1,800 a year here. Together those add about $730 to the monthly payment before any HOA dues or PMI.

Massachusetts's median household income is about $101,000, or $8,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,357 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Massachusetts sell in about 25 days on average.

Frequently asked questions

What is a typical mortgage payment in Massachusetts?
On the state's roughly $610,000 median home with 20% down, the loan is about $488,000. Principal and interest depend on your rate; on top of that, Massachusetts's 1.14% effective property tax rate and about $1,800 a year in homeowners insurance add roughly $730 per month to the payment.
How much are property taxes on a home in Massachusetts?
Massachusetts's effective property tax rate averages about 1.14% of market value — roughly $6,954 a year on the $610,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Massachusetts?
The average Massachusetts homeowners policy runs about $1,800 a year. Massachusetts limits annual property tax levy growth to 2.5% under Proposition 2½, but high home values in the Greater Boston market still produce large bills, and homes sell fast.
Can I afford a home in Massachusetts on the median income?
Massachusetts's median household income is about $101,000 a year, or $8,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,357 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Massachusetts?
A for-sale home in Massachusetts spends about 25 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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